Shares of Bitmine Immersion Technologies Inc. (AMEX:BMNR) climbed 7.5% after the company disclosed that its Ethereum (ETH) holdings have exceeded $1 billion in value.
As of July 17 at 3:45 a.m. ET, Bitmine reported holding 300,657 ETH at a market price of $3,461.89 per token. The milestone comes just a week after the company completed its initial $250 million private placement under its “asset-light treasury strategy.”
Thomas “Tom” Lee, Chairman of Bitmine’s Board of Directors and co-founder of Fundstrat, said the company is on track toward its objective of acquiring and staking 5% of the total ETH supply.
CEO Jonathan Bates reinforced the company’s commitment to Ethereum, stating, “Acquiring $1 billion of ETH is a clear signal of our conviction in Ethereum’s long-term value.”
Bitmine has set a performance benchmark of increasing ETH held per share by leveraging cash flows, capital markets activity, and staking rewards. The firm noted that the market value of its ETH holdings will continue to fluctuate with changes in Ethereum’s price.
BitMine Immersion Technologies stock price
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